IVVB vs. CAOS
IVVB (iShares Large Cap Deep Buffer ETF) and CAOS (Alpha Architect Tail Risk ETF) are both Options Trading funds. Both are actively managed. Over the past year, IVVB returned 12.68% vs 1.62% for CAOS. At a correlation of -0.00, they often move in opposite directions. IVVB charges 0.50%/yr vs 0.63%/yr for CAOS.
Performance
IVVB vs. CAOS - Performance Comparison
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Returns By Period
In the year-to-date period, IVVB achieves a 3.81% return, which is significantly higher than CAOS's 0.71% return.
IVVB
- 1D
- -0.46%
- 1M
- -0.43%
- YTD
- 3.81%
- 6M
- 2.94%
- 1Y
- 12.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CAOS
- 1D
- -0.04%
- 1M
- -0.12%
- YTD
- 0.71%
- 6M
- 0.61%
- 1Y
- 1.62%
- 3Y*
- 3.94%
- 5Y*
- —
- 10Y*
- —
IVVB vs. CAOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IVVB iShares Large Cap Deep Buffer ETF | 3.81% | 9.60% | 18.66% | 2.64% |
CAOS Alpha Architect Tail Risk ETF | 0.71% | 2.55% | 5.33% | 2.91% |
Correlation
The correlation between IVVB and CAOS is -0.27, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.27 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2023 | -0.00 |
Over the past year, the inverse relationship between IVVB and CAOS has strengthened: their correlation has moved from -0.00 to -0.27, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
IVVB vs. CAOS — Risk / Return Rank
IVVB
CAOS
IVVB vs. CAOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Deep Buffer ETF (IVVB) and Alpha Architect Tail Risk ETF (CAOS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| IVVB | CAOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.22 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | 2.15 | +0.07 |
| Martin ratioReturn relative to average drawdown | 9.43 | 5.18 | +4.25 |
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Drawdowns
IVVB vs. CAOS - Drawdown Comparison
The maximum IVVB drawdown since its inception was -13.08%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for IVVB and CAOS.
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Drawdown Indicators
| IVVB | CAOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.08% | -3.89% | -9.19% |
Max Drawdown (1Y)Largest decline over 1 year | -5.75% | -0.76% | -4.99% |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.60% | — |
Current DrawdownCurrent decline from peak | -0.88% | -1.18% | +0.30% |
Average DrawdownAverage peak-to-trough decline | -1.59% | -0.92% | -0.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.35% | 0.32% | +1.03% |
Volatility
IVVB vs. CAOS - Volatility Comparison
iShares Large Cap Deep Buffer ETF (IVVB) has a higher volatility of 1.74% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.32%. This indicates that IVVB's price experiences larger fluctuations and is considered to be riskier than CAOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IVVB | CAOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.74% | 0.32% | +1.42% |
Volatility (6M)Calculated over the trailing 6-month period | 5.49% | 1.05% | +4.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.40% | 1.50% | +5.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.25% | 4.23% | +5.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.25% | 4.23% | +5.02% |
IVVB vs. CAOS - Expense Ratio Comparison
IVVB has a 0.50% expense ratio, which is lower than CAOS's 0.63% expense ratio.
Dividends
IVVB vs. CAOS - Dividend Comparison
IVVB's dividend yield for the trailing twelve months is around 1.18%, while CAOS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CAOS Alpha Architect Tail Risk ETF | 0.00% | 0.00% | 0.00% |
IVVB iShares Large Cap Deep Buffer ETF | 1.18% | 1.22% | 0.87% |
Frequently Asked Questions
IVVB and CAOS have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IVVB has higher volatility (1.74%) compared to CAOS (0.32%). In terms of maximum drawdown, IVVB dropped -13.08% vs CAOS's -3.89%.
On 1-year performance, IVVB leads with 12.68% vs 1.62% for CAOS. On fees, IVVB is cheaper at 0.50% per year. On volatility, CAOS has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IVVB has performed better with a 12.68% return vs 1.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVVB is cheaper with a 0.50% expense ratio, compared with 0.63% for CAOS.
IVVB has the higher dividend yield at 1.18%, compared with 0.00% for CAOS.
They also come from different issuers: iShares and Alpha Architect. Their fees differ too: 0.50% for IVVB and 0.63% for CAOS.
IVVB currently has the higher Sharpe Ratio (1.72 vs 1.08), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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